Stock index continue to closed higher for the second days consecutively amid firmer trading performance on regional market. Most major market are having a free over the good sentiment on U.S market as most of their public listed companies are bound to announce their first quarter earning starting this week. It will be a barrage of companies news earning from now therefore equity index is less susceptible for major correction, for now. Technically, there was less flaw to this uptrend if you look at daily chart on FKLI as there was no known weakness that is good enough to classified market as Bearish. But things are a little different if you zoom in and look at hourly chart, there was a lower high and some slight lower low formed for the first time. I might sound Bearish on my previous post late last week due to this candle formation but it was a worthy price action to take note at. Imagine if the index futures would have breach the previous low or support level at 1,575, things might have been different. Since our market is still supported by external factors, market is likely to hover within 1,608 to 1,578 level for the moment. For today, support is located around 1,581 while resistance is pegged at 1,603.

Daily Pivot Point
R2= 1603
R1= 1598
S1= 1587
S2= 1581

FCPO- Bulls Taking Some Breather.

Palm oil futures retrace substantially from its 13-months high after resuming from for trading yesterday amid recent weakness on Soy oil that peaked out at 57.41 cents per pound and tumbled to 56.54 cents per pound on 7.43PM yesterday, Asia time +8GMT. Palm oil futures is still tracking Soy oil price performance and it make no exception when it come down recently. At close, the benchmark June dropped about RM54 or 1.49% to 3,559 level, settling just 3 points from the low. By taking previous lows (hourly chart) as dynamic supports level, the next major support level for benchmark June is likely located at 3,530. Technically, price action on daily chart is still showing healthy uptrend cycle even with the 1.46% retracement happen yesterday. Market have create substantial higher lows and higher highs for a sustainable uptrend to continue for the moment but bear in mind there is always some price adjustment or correction due to overbought or profit taking activities. For today, support is located around 3,529 while resistance is pegged at 3,586.

Daily Pivot Point
R2= 3613
R1= 3586
S1= 3544
S2= 3529

Disclaimer: Information and opinions contained in this report are for educational purposes only. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.